Hertz 2015 Annual Report Download - page 102
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Table of Contents
At October 1, 2015 and 2014, the Company performed its annual goodwill impairment test and determined that no impairment existed for the years
ended December 31, 2015 and 2014.
The following summarizes the changes in the Company's goodwill, by segment:
Balance as of January 1, 2015
Goodwill $ 1,025
$ 248
$ 772
$ 35
$ 2,080
Accumulated impairment losses —
(46)
(675)
—
(721)
1,025
202
97
35
1,359
Goodwill acquired during the period 3
—
—
—
3
Other changes during the period(a) —
(4)
(4)
—
(8)
3
(4)
(4)
—
(5)
Balance as of December 31, 2015
Goodwill 1,028
244
768
35
2,075
Accumulated impairment losses —
(46)
(675)
—
(721)
$ 1,028
$ 198
$ 93
$ 35
$ 1,354
Balance as of January 1, 2014
Goodwill $ 1,012
$ 254
$ 772
$ 35
$ 2,073
Accumulated impairment losses —
(46)
(675)
—
(721)
1,012
208
97
35
1,352
Goodwill acquired during the period 13
—
—
—
13
Adjustments to previously recorded purchase price
allocation —
(1)
—
—
(1)
Other changes during the period(a) —
(5)
—
—
(5)
13
(6)
—
—
7
Balance as of December 31, 2014
Goodwill 1,025
248
772
35
2,080
Accumulated impairment losses —
(46)
(675)
—
(721)
$ 1,025
$ 202
$ 97
$ 35
$ 1,359
(a) The change in the International Car Rental segment primarily consists of foreign currency adjustments, and the change in 2015 in the Worldwide Equipment Rental
segment is due to the sale of HERC France and Spain businesses.
At October 1, 2015, the Company performed its annual test of recoverability of indefinite-lived intangible assets and concluded that there was no
impairment. However, during the fourth quarter of 2015, the Company determined that the international trade name associated with the HERC
segment was impaired and recorded a charge of $40 million. The impairment was largely due to decisions made by management in the fourth
quarter of 2015 regarding the HERC business transition plan and the terms of future use of the HERC international trade name. The charge is
included in other (income) expense, net in the Company's statement of operations.
94
℠
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except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.